All Forum Posts by: Filipe Pereira

No lease renewal incentive. The incentive is that you're a great landlord who takes care of the property in return for a fair rent price. Not every landlord is great, keep that in mind. 

We do offer a token of appreciation around the holidays, but it's just a gesture. I don't want someone to stay because of an incentive. I want them to stay because they actually want to. Similar mindset with employees. Studies show that incentives only goes so far...often as far as to the point of a better one coming along. 

Best of luck @Michael Williams! We've been doing about a 2.5% increase year over year on our property management rental portfolio in Western Massachusetts and north central Connecticut. These are for units that are already at market rate. Other increases will vary depending on market conditions and the tenant in question. 

Sounds like a great question for your attorney. What has your attorney suggested @Account Closed? 

How much money are we talking about here? 

I'm not so sure about how to save the deal, but in terms of getting your money back, a lawsuit is probably what it's going to take. 

Don't feel ashamed. Everyone has crap happen to them, some just don't have the cajones to talk about it 

@Remington Lyman is very active in Columbus, and even if you may consider him a competitor (I am pretty sure he's a licensed agent) it may still do both of you some good to touch base and talk shop. 

Welcome to BP, @Bobby Jakubs.

Paging @Remington Lyman, paging Remington Lyman.

Give it a few minutes @Tonye Jack, he should be able to help you out, lol. He's very familiar with the Columbus, OH market. 

I would pay careful attention to who is claiming 9-12% cap rates in Boston. What I have found in CT is that a lot of the listing agents "conveniently forget" actual operating expenses in properties. For example, they forget the snow has to be plowed in the winter, that vacancy exists, trash removal costs are a real think and my personal favorite....property management doesn't cost 5% of gross income.

I would be shocked to find that a property in a decent part of Boston, or Westfield, and even most of Western MA (including Springfield) has an actual cap rate of 9-12% in this market. If it does, I'd recommend buying it. 

Most actuals we are seeing right now are 6-8% in Western Massachusetts and north central CT for decent areas (think C+ / B-). 

Sorry I don't have specifics for Boston or Brockton. 

Welcome @Dulari Patel! I am nearby, in Windsor Locks, CT. I am also in the property management space in Western MA, including Westfield and Springfield. Reach out sometime, I am sure we can be a valuable resource to each other. 

I am not sure what kind of mentorship you are looking for, but I do own rentals of my own, and have considered taking on help in my property management business. 

Hope to see you around!

Don't get so caught up in the nitty gritty that you lose focus on what the goal is @Matthew Moore. If you're still trying to build a little capital as you said, there's a high chance that the CA market will be overpriced for what you want to do. CT will be more favorable in terms of price points for an entry level real estate investor. 

You probably don't need to read an entire book on house hacking to "get it". Start with this:
https://www.biggerpockets.com/...

You can bet your finest dollar bill that I do @Allan Smith, LOL. 

No problem @Abbie Gibson and @Joshua Young. Hope you stick around the forums, there's a lot to learn here!

Hi @Kevin Kortsep

Here are 4 Connecticut based lenders that could help you. All of them are in Hartford county and have experience working with investors. 

Michael Boscarino – BoscoLoans

Radmila Khamzina – Northeast Financial

Kit Crowne - Right Trac Financial Group

John Krause – Horizon Home Mortgage

I'm not allowed to post emails or phone numbers here due to forum rules, but I can send you a DM or you can find them on google if you'd like.

Best of luck!

I'm glad @Remington Lyman has found this thread already, lol. Former Connecticut guy, and someone who's respected here on BP for his knowledge of the Columbus, OH market. 

@@Joshua Jackson I'm just now seeing this post is 8 months old. Have you found anything intriguing outside of the CT market? Things have definitely changed - nation wide - in the last 7-8 months!